& All & Fees & Local & Central \\
 \cmidrule(lr{0.5em}){3-5} 
 & (1) & (2) & (3) & (4) \\ \midrule
\hspace{0.1cm} Registered ($\beta^{OLS})$&     0.17\sym{***}&    -0.00         &     0.05\sym{**} &     0.17\sym{***}\\
                &   (0.03)         &   (0.02)         &   (0.02)         &   (0.04)         \\
\midrule
\hspace{0.1cm} $\widehat{\text{Registered}}$ ($\beta^{IV})$&     0.55\sym{*}  &     0.23         &     0.03         &     0.52\sym{*}  \\
                &   (0.30)         &   (0.24)         &   (0.21)         &   (0.30)         \\
                &   [0.07]         &   [0.61]         &   [0.90]         &   [0.05]         \\
\midrule DV Mean&     0.19         &     0.05         &     0.05         &     0.14         \\
FS F-statistic  &     19.1         &     19.1         &     19.1         &     19.1         \\
\midrule
$\rho$(Wealth, DV)&     0.37&     0.05&     0.29&     0.43\\
\midrule
Observations    &     1507&     1507&     1507&     1507\\
